How to Help Your Parents with Retirement

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Retirement is supposed to be a time of rest and relaxation, but sometimes that’s not the case.

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Older people who spent most of their lives working can have difficulty adjusting to a new lifestyle.

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Here are some ways you can help your parents prepare for retirement and ease their transition.

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START WITH AN HONEST CONVERSATION

This conversation is especially important if your parents are nervous about the transition.

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UNDERSTAND THEIR FINANCIAL SITUATION

They might not be as transparent as you’d like, but be patient with them and get enough information to paint a clear picture.

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ASSESS THEIR LIVING ARRANGEMENTS

If you’re worried about your parents’ health, consider looking for a retirement community to watch over them when you’re not around.

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LOCATE AND FINALIZE ESSENTIAL DOCUMENTS

Gather your parents’ essential documents and make sure their information is up to date.

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DETERMINE WHICH BENEFITS THEY QUALIFY FOR

Requesting government assistance is a humbling experience, but your parents should take advantage of it if they’re eligible.

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UPDATE THEIR INSURANCE PLANS

Their risk of injury is higher in old age, and the risk will only increase once they start living more independently.

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